The Korea Herald

LG Display stresses localization in China

Sept 30, 2011

HONG KONG (Yonhap News) -- South Korea's LG Display Co. said Friday localization is a priority in its China business in order to further expand its presence in the world's No. 2 economy."For LG Display, China is not a mere market" said Lee Bang-soo, LG Display's vice-president of public affairs and
Korea August output suggests slowing growth

Sept 30, 2011

South Korea's industrial output rose at a slower than expected pace in August, official figures showed Friday, as the uncertain global economic outlook took its toll on local manufacturers.Output rose 4.8 percent from the same month a year earlier, compared with an average forecast for 7.0 percent g
Medipost aims to dominate global biopharmaceutical industry

IndustrySept 29, 2011

Firm specializing in cord blood expands business to develop stem-cell treatmentsIn the early 2000s, Korea was basking in the biotechnology boom thanks largely to advanced stem cell research. Strong government support led many research centers to open up bio-related facilities including cord blood ba
Korean patent office to export IP automation

IndustrySept 29, 2011

KIPO gains foothold in African marketThe Korean Intellectual Property Office will develop an automated patent information system for the African Regional Intellectual Property Organization, Korea’s patent office announced Thursday.According to the KIPO, its commissioner Lee Soo-won signed a memorand
Current account surplus plummets to 7-month low

Sept 29, 2011

The country’s current account surplus fell to a 7-month low in August as exports fell on slowing demand from advanced nations, the central bank said Thursday.The current account surplus, the broadest measure of trade encompassing goods, services and investments, came in at $401.3 million in August,
Samsung out to boost software to fight rivals

IndustrySept 29, 2011

Electronics giant to sign deals with Microsoft, Intel on licensing, OSSamsung Electronics’ latest decision to cement a cross-licensing deal with Microsoft and jointly develop a new operating system with Intel was interpreted as a move designed to strengthen the company’s software competitivene
Bank of Korea cautious about interest rate policy

Sept 29, 2011

South Korea’s central bank said Thursday it plans to take a cautious approach to managing rate policy by considering risk factors at home and abroad due to greater economic uncertainty.The Bank of Korea said in a monetary policy report that it will focus its monetary policy on further stabilizing pr
Insurance supervisors kick off meeting

Sept 29, 2011

Participants in IAIS conference discuss macroprudential surveillance The 18th annual conference of the International Association of Insurance Supervisors kicked off at the COEX in Samseong-dong, Seoul, Thursday.About 500 regulatory officials and chief executives in the insurance indu
Market volatility leads to higher alert

Sept 29, 2011

(Yonhap News)Contingency plan activated; top financial regulator sees extended turmoil in marketThe alert level for Korea’s financial market has been raised to the second highest in the five-tier scale, reflecting the growing concerns about the possibility of the global recession as well as th
KIC calls off plan to raise BOA stake

Sept 29, 2011

Sovereign wealth fund Korea Investment Corp. said Thursday it won’t buy additional Bank of America shares, postponing its earlier plans to increase its stake of 69 million shares in the bank.“We decided to call off purchasing additional shares with the dividend from our existing stake. It has been p
AIA campaigns for insurance coverage

Sept 29, 2011

AIA Life, the local branch of Asia’s largest multinational life insurer, launched a marketing initiative to raise awareness of protection needs for the vast majority of households without insurance against cancer and death. Launched in May, the campaign urges the public to identify the protection ga
Korea‘s population aging faster than advanced nations

Sept 29, 2011

More than one out of 10 people in South Korea were aged 65 or older last year, data showed Thursday, indicating the nation is aging at a faster pace than other major advanced nations.According to the data provided by Statistics Korea, the number of people in the senior age group came to 5.36 million
POSCO breaks ground for Turkey mill

IndustrySept 29, 2011

Cold-rolling plant near Istanbul to produce stainless steel from 2013IZMIT, Turkey ― POSCO has set out to strengthen its foothold in Turkey’s growing market as it broke ground Wednesday for its new cold-rolling mill near the country’s economic and cultural capital.Located in Izmit, a coastal industr
Air Asia X slashes fares as it seeks expansion in Korea

IndustrySept 29, 2011

Air Asia X, a Malaysian long-haul low cost carrier, is offering flights to Kuala Lumpur for as little as 100,000 won ($85) as part of its drive to expand its presence in the Korean market.According to the company’s CEO Azran Osman-Rani the limited time offer, which ends on Oct. 4, is only a small pa
Gmarket rewards merchants for making overseas sales

IndustrySept 29, 2011

Gmarket, the nation’s No. 1 online marketplace, said Thursday that it will offer incentives to users who offer better services for overseas customers. According to the company, online cash will be given to the sellers who best promote their products in English until the end of October. Depending on